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Bankruptcy in NL Increases 18%

VOCM news article
VOCM article after I was chatting with Pete on VOCM Backtalk.

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I was chatting with Pete Soucy of VOCM Backtalk yesterday about the Office of the Superintendent of Bankruptcy’s latest statistics.

We discussed the numbers for Newfoundland and Labrador and how, as compared to last year, the number of bankruptcy and proposal filings is up 18% for the second quarter and that for the Avalon Peninsula the increase is 26%.

We also discussed some of the underlying causes such as the decrease in the price of oil and the impact that has had here at home as well as in Alberta (which also affects Newfoundlanders and Labradorians).

Hopefully the next time I call in it will be with good news about what is happening.

CHECK OUT THE ARTICLE ON VOCM.COM BY CLICKING HERE.

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Did You Know?

1

Many people who file for bankruptcy get to stay in their home.

2

In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.

3

Many people who file for bankruptcy are able to keep their vehicle.

4

Most bankruptcies are NOT published in the newspaper.

5

Student loans can be included in a bankruptcy if they are more than seven (7) years old.

6

A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.

7

In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]